AUSTIN, Texas, 16 July 2007.Cirrus Logic Inc., a designer of high-precision analog, mixed-signal, and embedded integrated circuits, has signed a definitive agreement to acquire Apex Microtechnology, a leading provider of precision high-power analog amplifier products, for $42 million in cash.
Founded in 1980 with headquarters in Tucson, Ariz., Apex Microtechnology is a leading innovator of integrated circuits, hybrids, and modules used in a wide range of industrial and aerospace applications that require high-power precision analog products, such as PWM and power amplifiers.
Apex Microtechnology employs approximately 90 people and generated revenue of approximately $4 million to $5 million per quarter during the past year with strong gross margins. Cirrus Logic expects that the acquisition will become positive to earnings per share in the third fiscal quarter of 2008. Cirrus Logic anticipates the acquisition to close by the end of August.
"Apex Microtechnology's proven success and diversified customer base gives Cirrus Logic the expertise to expand into high-power industrial markets," says Jason Rhode, president and chief executive officer, Cirrus Logic. "Combining Cirrus Logic's signal processing and IC design skills with Apex's expertise in power drivers and amplifiers will allow us to introduce precision power products with higher levels of integration and functionality."
